North America Is Driving Digital Pen Market

In 2022, the digital pen market was worth around USD 2,311 million, and it is projected to advance at a 13.6% CAGR from 2022 to 2030, hitting USD 6,410 million in 2030, according to P&S Intelligence. This growth can be credited to the growing usage of digital pens to remove paperwork, increasing demand for enhanced features provided by digital pens, and mounting per-capita income.

Furthermore, digital devices, including computers, digital pens, and other hand-held computing devices are helpful for teachers as well as students, as they are constantly replacing books, pens, and other means of studying.

In 2022, the active pen category had the largest market share, at 46%. Such pens enable the utilizer to write straight onto the display of a computation device, such as a tablet, smartphone, ultra-book, or computer, The cursor is permanently underneath the tip; therefore, they are precise to a superior extent.

In 2022, the multiple OS category held the larger share, of above 70%. Furthermore, presently digital with greater than one operating system compatibility pens are gaining more traction among users. Additionally, numerous customers nowadays own more than one phone, with dissimilar operating systems, because of which the need for digital pens with multiple operating system compatibility is quickly growing.

The clinical documentation category is leading the industry, generating the largest revenue share. These pens enable clinicians to utilize their ideal technique of documentation, such as voice recognition, dictation, and transcription of medicinal documentation, into digitalized forms. It also supports the merger of natural language processing and clinical language understanding, which supports study the of clinical information.

In 2022, The healthcare industry, had the largest digital pen market share, at 25%. A specialist can easily access the cloud storage and join it to an automated medical record when the pen immediately transfers the stored information over Bluetooth. To guarantee accurate handwriting acknowledgment, the technology makes utilization of artificial intelligence. Furthermore, prescriptions can be modified to be used with the encoded paper for a diversity of applications.

The North American industry had the largest market share, at 38%. The rising use of digital pens in the healthcare and education sectors is contributing to the development of the regional market. Between 2020 and 2030, the service in healthcare professions is projected to raise by almost 16%. 

Furthermore, the snowballing utilization of smart device enhancements in digital technology, and rising disposal income are solidifying the progress of the industry. The U.S. is ranked sixth worldwide and first in North and Central America for IT invention and fourth for technical information.

Hence, the rising usage of digital pens to remove paperwork, increasing demand for enhanced features provided by digital pens, and mounting per-capita income, are the major factors, driving the digital pen industry. 

Read More

Know About Covid-19 Impact on Digital Pen Market | Insights on Size, Share, Demand, Trends & Key Players

Broadly, clinical documentation, education, billing & back office, and communication are the major areas where digital pens find application. In the coming years, their use for clinical documentation purposes is expected to increase the fastest, as the healthcare sector is undergoing rapid digitization. Another sector where the uptake of computers, mobile devices, and digital pens is rising is education. 

Get Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/digital-pen-market/report-sample

The rapid digitization and expansion of the healthcare industry are two of the reasons the digital pen market growth would be the most significant in Asia-Pacific (APAC) in the coming years. Another reason behind this would be the rising internet penetration in the region; as per the World Bank, the percentage of people with access to the internet in China grew from merely 1.7% in 2000 to 54.3% in 2017. The increase during the same period in India was from 0.5% to 34.45%.

The use of such computing tools for learning not only helps replace the traditional books and notebooks, but also makes the educational content accessible from anywhere, on the internet. Similarly, digital pens are being used on interactive whiteboards, to make learning fun, interesting, and less boring for students. In the same vein, the art and design field is also witnessing a rapid incorporation of these electronic stylus-like objects. 

Make Enquiry Before Purchase @ https://www.psmarketresearch.com/send-enquiry?enquiry-url=digital-pen-market

These pens let artists create freehand illustrations, which can be edited once on the computer. With digital pens, e-prescriptions can be written, which can be transferred to the patients or pharmacies over the internet, without the need for traveling physically. This not only makes the entire process faster, but also helps save money for healthcare providers as well as patients.

Thus, with a rise in the number of people who can access the internet and spend more on gadgets, the demand for digital pens would keep increasing around the world.

Read More

Why Digital Pen Market Growth Depends on People’s Purchasing Power?

Compared to $694.917 in 1970, the average person earned $8,826.15 in 2017, according to the World Bank. This clearly shows that people now have more to spend on products that they wouldn’t dare think of buying until 10¬–15 years ago. Such ‘products’ mainly include smartphones, laptops, computers, tablets, and other high-end consumer electronics.

With the rise in the uptake of smartphones and tablets, the popularity of digital pens is also increasing around the world. Thus, with the surge in the disposable income of people, the digital pen market is projected to grow to $2,098.1 million by 2023 from $773.5 million in 2017, at an 18.4% CAGR during the forecast period (2018–2023).

Just like a regular pen writes on paper, a digital pen writes on a digital pad, like the screen of an iPad, smartphone, or an external writing pad connected to a PC. With such consumer electronics, what people write is instantly converted to a digital form, thereby giving users the convenience of not having to type the text separately on a keyboard or tablet or smartphone screen.

With people owning more than one communication device, often with different operating systems (OS), the sale of multiple-OS digital pens is surging more rapidly than single-OS variants.

The usage of such devices is not just rising at the individual level, but also at the enterprise level. Digitization is picking up pace around the world, as governments and organizations are scrambling to eliminate as much of the paperwork as possible, as quickly as possible.

Get Sample With Technical Innovation : https://www.psmarketresearch.com/market-analysis/digital-pen-market/report-sample

For instance, police departments in Germany and the U.S. have begun using digital pens to file crime and missing people reports. Similarly, the banking, financial services, and insurance (BFSI) sector is utilizing these consumer electronics to fill forms for new accounts and loans, to reduce its operational costs incurred by procuring writing paper.

Read More